Rates are back to being real low. I priced a 30 year fixed at 3.5% and a 15 year under 3! Also, the FHA has lowered their monthly mortgage insurance premium by 1/2%How can this help you? Simple. It’s now an opportunity to contact your previous buyers with something significant. We all get besieged by … Continue reading How a Refi Can Make a Real Estate Agent Money
Insurance companies. Insurance Brokers. Love them or hate them….
If you are in the mortgage business, you hate them.
Rates, like stock prices, can change during a day. Why? Markets move because of world events, government reports, supply/demand features and just the whim of the market. The price of the bonds that mortgages gauge are called Mortgage Backed Securities. Investors sell mortgage backed securities and buy stocks or visa-versa during the day. This, the … Continue reading Rates, They Keep on Changin….
We have all committed mortgage fraud in the past but we did not realize it. Fannie, Freddie, etc. says that the seller can only give a credit “towards closing costs” even though they are a credit for repairs. Isn’t it silly that we must label it that way?
Those who know me, know I am not a happy all time cheerleader about market. I am a realist and feeling good about it. Reality? Here is todays. As predicted by me on @CNBC, rates have tanked into a death spiral. The stock market funny money just could not survive. Companies does want to hire … Continue reading #Refi Now or Forever Hold Your Peace
Rural Development has announced an increase to the USDA guarantee fee for both purchase and refinance transactions that will be effective for all Conditional Commitments issued on or after October 1, 2014. The annual fee, which is paid monthly, for both purchase and refinance transactions will be increasing from .40% to .50%. The upfront guarantee fee … Continue reading More Expensive Mortgages, Sneaky Style
As I wear my mortgage broker hat today, I have found out that Fannie Mae now allows 100% gift for any and all conventional loan products. Never before have they ever done this. FHA, VA and USDA have allowed it for years. So, now you can get a 5% down payment loan with absolutely no … Continue reading Skin
Greed is good. The rich get richer. We’ve all heard these expressions but are they right? Landlords are so excited that the economy is coming back, more people are working and homes are harder to buy because mortgages are strangling the market. Since there are no more option arms and no docs, people have to … Continue reading Could Rentals Kill the Economy
Two events today have indicated to me that the economy is about to go nose dive. One came from Federal Reserve Chairperson Janet Yellen in her prepared remarks in front of the Senate Banking committee. She announce “Irrational Exuberance 2”, the sequel to Alan Greenspan’s mention that tech stocks are too high based on no … Continue reading And Now, the End is Near
Crash? Don’t be alarmed. Don’t sell your business, but realize that the economic structure and outside occurrences can shape a real estate market. I am a normally upbeat guy, but I do like realism. We have to step away from being happy all the time to an honest view for our clients — both sellers … Continue reading Top Reasons the Real Estate Market Could Crash Soon